VanguardDividend Appreciation Index Fund

Fact sheet | December 31, 2021

Vanguard Dividend Appreciation Index Fund

Domestic stock fund | AdmiralTM Shares

Vanguard?

Fund facts

Risk level Low

123

High 45

Total net assets

$13,577 MM

Expense ratio as of 05/28/21

0.08%

Ticker symbol VDADX

Turnover rate

14.3%

Inception date

12/19/13

Fund number

5702

Investment objective Vanguard Dividend Appreciation Index Fund seeks to track the performance of a benchmark index that measures the investment return of common stocks of companies that have a record of increasing dividends over time. Investment strategy The fund employs an indexing investment approach designed to track the performance of the S&P U.S. Dividend Growers Index, which consists of common stocks of companies that have a record of increasing dividends over time. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

For the most up-to-date fund data, please scan the QR code below.

Benchmark Spliced S&P U.S. Dividend Growers Index TR

Growth of a $10,000 investment : December 31, 2013--December 31, 2021

$26,741 Fund as of 12/31/21

$26,903 Benchmark as of 12/31/21

2012 2013* 2014 2015 2016 2017 2018 2019 2020 2021

Annual returns

Annual returns

Fund Benchmark

2012 2013* -- 2.15 -- 2.14

2014 10.04 10.12

2015 -1.93 -1.88

2016 11.79 11.93

2017 22.22 22.29

2018 -2.03 -1.98

2019 29.68 29.75

2020 15.46 15.62

2021 23.62 23.71

Total returns

Periods ended December 31, 2021

Total returns

Quarter Year to date One year Three years Five years Since inception

Fund

12.32%

23.62%

23.62%

22.78%

17.25%

13.33%

Benchmark

12.34%

23.71%

23.71%

22.89%

17.34%

--

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at performance . The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.

* Partial return since fund started, December 19, 2013. Spliced S&P U.S. Dividend Growers Index TR: NASDAQ US Dividend Achievers Select Index (formerly known as the Dividend Achievers Select Index) through September 19, 2021, S&P U.S. Dividend Growers Index thereafter.

F5702 122021

Fact sheet | December 31, 2021

Vanguard Dividend Appreciation Index Fund

Domestic stock fund | AdmiralTM Shares

Ten largest holdings*

1 Microsoft Corp.

2 UnitedHealth Group Inc.

3 Johnson & Johnson

4 Home Depot Inc.

5 JPMorgan Chase & Co.

6 Procter & Gamble Co.

7 Visa Inc. 8 Broadcom Inc.

9 Accenture plc 10 Costco Wholesale Corp.

Top 10 as % of total net assets

31.3%

* The holdings listed exclude any temporary cash investments and equity index products.

Sector Diversification

Industrials

21.1%

Basic Materials

4.3

Consumer Discretionary

16.0

Utilities

4.0

Financials

14.5

Telecommunications

1.8

Technology

14.2

Energy

0.0

Health Care

13.6

Real Estate

0.0

Consumer Staples

10.5

Other

0.0

Sector categories are based on the Industry Classification Benchmark system ("ICB"), except for the "Other" category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

Connect with Vanguard ? > Plain talk about risk An investment in the fund could lose money over short or even long periods. You should expect the fund's share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund's performance could be hurt by: Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market. Investment style risk: The chance that returns from dividend-paying large-capitalization stocks will trail returns from the overall stock market. Specific types of stocks tend to go through cycles of doing better--or worse--than the stock market in general. These periods have, in the past, lasted for as long as several years. Asset concentration risk: The chance that the fund's performance may be hurt disproportionately by the poor performance of relatively few stocks. The fund tends to invest a high percentage of assets in its ten largest holdings. Note on frequent trading restrictions Frequent trading policies may apply to those funds offered as investment options within your plan. Please log on to for your employer plans or contact Participant Services at 800-523-1188 for additional information.

The index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Vanguard. Standard & Poor's? and S&P? are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones? is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); S&P? and S&P 500? are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index.

For more information about Vanguard funds or to obtain a prospectus, see below for which situation is right for you. If you receive your retirement plan statement from Vanguard or log on to Vanguard's website to view your plan, visit or call 800-523-1188. If you receive your retirement plan statement from a service provider other than Vanguard or log on to a recordkeeper's website that is not Vanguard to view your plan, please call 855-402-2646. Visit to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Financial advisor clients: For more information about Vanguard funds, contact your financial advisor to obtain a prospectus.

Investment Products: Not FDIC Insured ? No Bank Guarantee ? May Lose Value

? 2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

F5702 122021

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